REG - SQN Asset Fin Inc Fd - Result of EGM and Class Meetings

SLF Realisation FundAnnouncement

16/07/2020 12:40

RNS Number : 2495T
  
SQN Asset Finance Income Fund Ltd
  
16 July 2020
  
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).
 
16 July 2020
 
SQN Asset Finance Income Fund Limited
 
LEI: 2138007S3YRY3IUU4W39
 
Results of Extraordinary General Meeting and Class Meetings
 
The Board of SQN Asset Finance Income Fund Limited (the "Company") announces the results of the Extraordinary General Meeting ("EGM"), Ordinary Share Class Meeting and C Share Class Meeting, held earlier today, details of which are set out in full below.
 
At the Ordinary Share Class Meeting, Resolution 1 in connection with the continuation of the Ordinary Share Class has passed with the requisite majority. As such, the Ordinary Share Class will continue for at least 12 months with a further Ordinary Share Continuation Vote being held in 2021. The Board notes the votes against this resolution. The proposals followed an extensive period of shareholder consultation and the result of the Ordinary Share Continuation Vote reflects the fact that there was not a clear consensus regarding the future direction of the Ordinary Share Class. The Company will make no new investments within the Ordinary Share Class prior to the 2021 Continuation Vote (save for further investment in existing assets that require additional capital or existing undrawn commitments), with any excess cash flow from the amortisation, repayment or realisation of assets during this period being returned to shareholders. The Board will again consult with shareholders in advance of the 2021 Continuation Vote.
 
At the C Share Class Meeting, Resolution 1 in connection with the continuation of the C Share Class did not pass with the requisite majority. In accordance with the proposals set out in the circular published by the Company on 16 June 2020 (the "Circular"), the Board will formulate proposals to be
put to C Shareholders as soon as is reasonably practicable but, in any event, by no later than six months after the EGM, for the C Share Portfolio to be placed into managed wind-down with the aim of enabling C Shareholders to realise their holdings in the Company. 
 
At the EGM, Resolution 2 relating to the change of the Company's name was approved by the requisite majority. The Company shall apply to change its name to 'KKV Secured Loan Fund Limited' and change the Ordinary Share ticker to 'KKVL' and the C Share ticker to 'KKVX'. A further announcement will be made in due course following the change of name becoming effective. 
 
Extraordinary General Meeting
 



Resolution 1


To amend the Articles:
For: 280,675,455 (88.47%)
Against:  36,564,969 (11.53%)
Withheld: 16,963,861
 




Resolution 2


To change the name of the Company to KKV Secured Loan Fund Limited:
For: 258,426,402 (82.14%)
Against: 56,186,429 (17.86%)
Withheld: 19,591.454



 
Ordinary Share Class Meeting
 



Resolution 1


To continue its business in relation to the Ordinary Shares:
For:  139,336,915 (61.2%)
Against: 88,340,141 (38.80%)
Withheld: 9,530,323
 




Resolution 2


To consent to the passing of resolution 1 of the EGM:
For: 188,086,023 (89.1%)
Against: 23,020,697 (10.9%)
Withheld: 26,100,659



 
C Share Class Meeting
 



Resolution 1


To continue its business in relation to the C Shares:
For: 29,572,625 (30.92%)
Against: 66,056,131 (69.08%)
Withheld: 1,835,597
 




Resolution 2


To consent to the passing of resolution 1 of the EGM:
For: 72,184,853 (83.48%)
Against: 14,287,070 (16.52%)
Withheld: 10,992,430
 



Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular. A copy of the Circular is available on the Company's website: https://kkvim.com/sqn-asset-finance-income-fund
 
 
For further information please contact:
 



KKV Investment Management Ltd
Catherine Halford Riera
Nicola Bird
 


020 7429 2200
 




BNP Paribas Securities Services S.C.A., Guernsey Branch
Company Secretary
 


01481 750 853
 




Winterflood Securities Limited
Neil Langford
Chris Mills
 


020 3100 0000




Buchanan
Charles Ryland
Henry Wilson
 


020 7466 5000







Prosek (PR for KKV)
Fiona Laffan
Clare Glynn
 


 




 


 






Pro-KKV@prosek.com



This announcement is released by SQN Asset Finance Income Fund Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
 
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for releasing this announcement is Peter Niven, Chairman.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
ROMKKABNDBKDAOD